Still waiting to get started in the world of cryptocurrencies? Look no further! We’ve created a step-by-step guide for you to download your own crypto-wallet and start trading on Bitcoin and Ethereum.
Ethereum
Go to www.myetherwallet.com
You will be greeted by several safety reminders and the option to create a new wallet.
Create a password.
Use a combination of letters, numbers and symbols to make it as strong as possible. Write it down immediately and, if possible, make several copies. Then, click “Create New Wallet.”
Download and store your keystore file.
There can never be too many safety precautions in cryptocurrency trading. Store your keystore file in a secure location and click continue.
Save your private key.
It may look just like a string of symbols, but this is your private key and it is very important to back it up and keep it safe. You can also print it to keep it as a paper wallet. Remember, there is no way to retrieve your forgotten or lost private key and password, therefore, take all necessary safety measures suggested by the page.
Use your private key or keystore file to open your wallet.
There are many ways to unlock your wallet, but to keep it simple let’s stick with the files you just received — private key and keystore file. Select and paste your private key or upload the keystore file to unlock your wallet.
Congratulations, you’ve just opened your fully functional Ethereum wallet.
Next time you want to access it, go to www.myetherwallet.com, click “View Wallet Info” in the top right corner and authorize yourself again. All is left now is to load your wallet up with some Ether. If you already hold some of it, send it to your public address. MyEtherWallet also makes it easy to buy Ether via Coinbase (although it sells at a more expensive rate than usual).
Bitcoin
Go to https://electrum.org/#home.
Electrum is one of Bitcoin’s most popular wallets. Installation will differ depending on the platform you use.
For Windows:
- Three versions of Electrum are available for Windows. The one labeled “Windows Installer” is the most convenient.
For Mac
- Choose the download marked “Executable for OS X.”
- Double-clicking the downloaded file opens a mounted volume. Drag the Electrum.app icon into your Applications folder.
- Open the Applications folder and double-click the Electrum icon.
Launch Electrum.
- Double click the icon which will launch the Install Wizard.
- We would recommend that you Auto connect to a server.
- Name your wallet file: default_wallet. Accept it, then click Next.
Create default wallet.
Four types of wallet are offered, with the default set to “Standard wallet.” Leave this option selected then click Next.
Keystore.
A keystore is the set of signing keys you’ll use to make Bitcoin transactions, and is controlled by a seed. Leave the default option “Create a new seed” selected and click Next.
Generation seed.
The next window displays your seed. The words displayed in your window should be different to those in the figure below. Save these words and keep them very safe.
Type your Generation seed.
Click inside the text area and type the words of your seed. When you have entered the correct words, the Next button will become active. Click it.
Encrypt.
You may also encrypt the entire wallet file by selecting the “Encrypt wallet file” option. Doing so encrypts all wallet contents, not just the seed. This protects not only your money, but your privacy in the event of an attack.
Congratulations, you’ve just opened your fully functional Bitcoin wallet.
Electrum should present its main screen. The circle in the lower-right corner should be green (or blue if you’re connecting through Tor). If it is, you’re ready to start using Electrum. Otherwise, you’ll need to configure your network settings by clicking on the circle.
Funding your wallet.
If you already keep bitcoin on an exhange or elsewhere, you may now transfer those funds into your Electrum wallet. You can also purchase Bitcoin via Coinbase (although it sells at a more expensive rate than usual).
